71–80 of 357 posts
So if you have a rare-earth metal commodity ETF that can be dug from the ground in conflict areas and have exchange markets in these wild areas, would the SEC deny that commodity ETF then because they wouldn't have surveillance-sharing agreements with those markets?
Bitcoin just went from a high of 1327.1926 to 995.9575 in the blink of an eye. Wow. From the ruling.... > First, the exchange must have surveillance-sharing agreements with significant markets for trading the underlying commodity or derivatives on that commodity. And second, those markets must be regulated. > Based on the record before it, the Commission believes that the significant markets for bitcoin are unregulat…
This is the same committee that approved VXX and UVXX ,which have lost 99.999% of their value There is an OTC fund that holds Bitcoin...but at a large premium to NAV
Having sold all of my bitcoin at ~800 at a small loss (a significant portion coming from commission fee( ~$150+ to convert low four digit USD amount of bitcoins to fiat.) I am paying attention to the bitcoin prices closely. As USD gains more interest it's going to put downward pressure on gold and bitcoin. There's no way this is going to gain mass adoption by being this expensive. More importantly, this signals stron…
I struggle to understand what you mean. What sort of anchor are you using for how much the exchange rate should be for adoption? Cost of electricity, cost of mining equipment, cost of running a node? Satoshis are so abstract that "this expensive" seems irrelevant to everything except for historical rates.
Conventional wisdom on BTC is that one element that would improve adoption would be lower volatility and that in order to get that, the market cap would need to be much, much higher. Given the fixed inflation rate this usually suggests that the exchange rate has to be correspondingly higher.
Earlier quoted context omitted.
I don't look at bitcoin as a currency I look at it as a fungible reserve like Gold or a Rolex. Both of those things usually appreciate in value, especially in uncertain times; I'll be using this price decrease to buy more I think.
"bitcoin" itself is unregulated in the same way gold itself is unregulated.
Bitcoin just went from a high of 1327.1926 to 995.9575 in the blink of an eye. Wow. From the ruling.... > First, the exchange must have surveillance-sharing agreements with significant markets for trading the underlying commodity or derivatives on that commodity. And second, those markets must be regulated. > Based on the record before it, the Commission believes that the significant markets for bitcoin are unregulat…
The SEC has a three pronged mission:
- Protect investors - Maintain fair, orderly, and efficiently markets - Facilitate capital formation
With this decision they missed on all three. No investor was protected. The BTC market today was not fair, orderly, or efficient. There was excessive capital destruction.
Coinbase is down.
Coinbase/GDAX is incredibly unreliable during "big news" moments like this. Time and time again this happens, and they haven't quite figured out their scaling issue yet.
Coin Center executive director Jerry Brito: > The Winklevoss ETF proposal was rejected because the SEC found that the significant markets for Bitcoin tend to be unregulated overseas markets that are potentially subject to price manipulation. But this creates a chicken and egg problem. How do we develop well-capitalized and regulated markets in the U.S. and Europe if financial innovators aren’t allowed to bring produc…
If the key driver for domestic demand for the commodity is readable derivatives such that one needs to create such in order to drive demand, then, well, too bad.
If there is sufficient inherent utility in the underlying commodity, you won't need to violate normal exchange criteria to create derivative markets to stimulate demand for the commodity, the commodity will drive itself, and create the conditions where it won't be unduly onerous to create derivatives markets that meet the normal criteria.
Bitcoin just went from a high of 1327.1926 to 995.9575 in the blink of an eye. Wow. From the ruling.... > First, the exchange must have surveillance-sharing agreements with significant markets for trading the underlying commodity or derivatives on that commodity. And second, those markets must be regulated. > Based on the record before it, the Commission believes that the significant markets for bitcoin are unregulat…
That is a loss of 25% of its value. This announcement does nothing to hurt the utility of Bitcoin or its application as a medium of exchange. That drop certainly seems like a speculative investment bubble popping.